Price of Ethereum facing uphill task against Bitcoin

The price of Ethereum fell further below the support bitcoin 0.0250BTC and below $ 90.00 compared to the US dollar. ETH / BTC is still facing a lot of obstacles on the positive side near 0.0270BTC.

Important points:

• The price of Ethereum extended losses and decreased below the 0.0280BTC and 0.0250BTC supports.
• ETH / BTC trades under two major bearish trend lines with resistance close to 0.0270BTC on the 4-hour chart.
• The ETH price could continue to face a strong selling interest close to 0.0270BTC and 0.0274BTC.

Price analysis of Ethereum (ETH / BTC)

In recent days, the price of Ethereum has fallen slowly and steadily below 0.0280 BT compared to bitcoin and lower than $ 100.00 compared to the US dollar. Sellers have even pushed ETH to BTC below the 0.0250BTC support before buyers appeared.

The 4-hour ETH / BTC chart indicates that the price has extended losses below support levels of 0.0280BTC and 0.0260BTC. It was traded near the 0.0245BTC level and positioned below the 50 simple (4 hours) moving average.

A low value was formed near the 0.0246BTC level and subsequently the price rose above 0.0250BTC and 0.0255BTC. The price has recently fluctuated to 0.0254BTC and is consolidating below the 0.0270BTC resistance.

Lately, buyers have made an upward bid above the fiber retracement level of 50% of the last drop, from 0.0282BTC upwards to 0.0254BTC below. However, they failed to push the price above 0.0270BTC and the 50-minute (4-hour) moving average.

More importantly, the price is trading below two major bearish trend lines with resistance close to 0.0270BTC on the same chart. The ETH must overcome both trend lines, 0.0270BTC and 50 SMA to gain bullish momentum.

The subsequent resistance above 0.0270BTC is the fiber retracement level of 76.4% of the last drop from 0.0282BTC high to 0.0254BTC low to 0.0275BTC. A positive closing above 0.0275BTC may clear the route for buyers to take control. Otherwise, there is a risk of a new decline of less than 0.0255BTC and 0.0250BTC in the short term.

Overall, ETH / BTC can continue to resist as long as it is less than 0.0270BTC and 0.0275BTC. Similarly, ETH / USD must break the barrier of $ 100.00 for a solid recovery towards $ 125.00.